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In our time, we've witnessed
the zenith of global finance.
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In 2006, the world's total economic
output was worth around $47 trillion -
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that's 47 followed by 12 zeroes.
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The total value of stock
and bond markets
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was roughly $119 trillion -
more than twice the size.
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And the amount outstanding
of the strange new financial life form
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known as derivatives
was $473 trillion - ten times larger.
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By the summer of 2007, it seemed as if
the Earth had turned into Planet Finance.
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As never before,
the world was interconnected,
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but not just by cables,
container ships and jet planes.
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By 24/7 dealing rooms
and international investment banks.
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In this series, we've seen how
the markets for credit, bonds, stocks,
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insurance and real estate all evolved
in Europe and North America.
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Well, now it's time to tell the story
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of how those financial innovations
conquered the world.
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This is the story
of financial globalisation.
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Globalisation is something
we take for granted today.
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And yet for all the advantages
of an interconnected world,
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perfectly exemplified by Hong Kong's
astonishing humming container port,
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there's a downside to globalisation,
and that is its vulnerability -
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